As Victor Alfaro fiddled with the hem of a sweater and a pair of knit sweatpants, both in oversize cream wool and mohair, he asked the small crowd of friends and editors gathered at his studio, "What is luxury? It can mean being comfortable," he answered himself. "Or a private parking spot and not having to wait," he added after the presentation.

It's clear Alfaro has been grappling with this very notion since returning last year from a decade-long hiatus. But he worked through it beautifully this season with a tight collection of terrific knits, each one more exaggerated, interesting, and wearable than the one that preceded it. Double-faced blue-and-black or blue-and-red color-blocked wool tunics and cropped pants were worn over ribbed leggings; oversize turtleneck dresses nearly hid pajama pants and patent athletic slides beneath; a sleek blue sleeveless jumpsuit managed to have both breathing room and a smart kind of sex appeal. And several women asked if they could wear the Mongolian-trimmed shearling-and-down parka today. A sign that Alfaro must be onto something.